OFI Pictet Global Environmental Solutions Fund Oppenheimer ... · Oppenheimer Main Street Small Cap Fund/VA is a mutual fund that seeks capital appreciation. The Fund uses fundamental

OFI Pictet Global Environmental Solutions Fund Oppenheimer Main Street Fund®/VAOppenheimer Capital Appreciation Fund Oppenheimer Main Street Mid Cap Fund®

Oppenheimer Capital Appreciation Fund/VA Oppenheimer Main Street Small Cap Fund®

Oppenheimer Capital Income Fund Oppenheimer Main Street Small Cap Fund®/VAOppenheimer Conservative Balanced Fund/VA Oppenheimer Mid Cap Value FundOppenheimer Developing Markets Fund Oppenheimer Municipal FundOppenheimer Discovery Fund Oppenheimer Portfolio Series: Active Allocation FundOppenheimer Discovery Mid Cap Growth Fund Oppenheimer Portfolio Series: Conservative Investor

FundOppenheimer Discovery Mid Cap Growth Fund/VA Oppenheimer Portfolio Series: Equity Investor FundOppenheimer Dividend Opportunity Fund Oppenheimer Portfolio Series: Moderate Investor FundOppenheimer Emerging Markets Innovators Fund Oppenheimer Preferred Securities and Income FundOppenheimer Emerging Markets Local Debt Fund Oppenheimer Real Estate FundOppenheimer Emerging Markets Revenue ETF Oppenheimer Rising Dividends FundOppenheimer Emerging Markets Ultra Dividend Revenue ETF

Oppenheimer Rochester® AMT-Free Municipal Fund

Oppenheimer Equity Income Fund Oppenheimer Rochester® AMT-Free New York Municipal Fund

Oppenheimer ESG Revenue ETF Oppenheimer Rochester® California Municipal FundOppenheimer Fundamental Alternatives Fund Oppenheimer Rochester® Fund MunicipalsOppenheimer Global Allocation Fund Oppenheimer Rochester® High Yield Municipal FundOppenheimer Global ESG Revenue ETF Oppenheimer Rochester® Limited Term California

Municipal FundOppenheimer Global Focus Fund Oppenheimer Rochester® Limited Term New York

Municipal FundOppenheimer Global Fund Oppenheimer Rochester® New Jersey Municipal FundOppenheimer Global Fund/VA Oppenheimer Rochester® Pennsylvania Municipal FundOppenheimer Global High Yield Fund Oppenheimer Rochester® Short Duration High Yield

Municipal FundOppenheimer Global Multi-Alternatives Fund/VA Oppenheimer Russell 1000® Dynamic Multifactor ETFOppenheimer Global Multi-Asset Growth Fund Oppenheimer Russell 1000® Low Volatility Factor ETFOppenheimer Global Multi-Asset Income Fund Oppenheimer Russell 1000® Momentum Factor ETFOppenheimer Global Opportunities Fund Oppenheimer Russell 1000® Quality Factor ETFOppenheimer Global Revenue ETF Oppenheimer Russell 1000® Size Factor ETFOppenheimer Global Strategic Income Fund Oppenheimer Russell 1000® Value Factor ETFOppenheimer Global Strategic Income Fund/VA Oppenheimer Russell 1000® Yield Factor ETFOppenheimer Global Unconstrained Bond Fund Oppenheimer Russell 2000® Dynamic Multifactor ETFOppenheimer Gold & Special Minerals Fund Oppenheimer S&P 500 Revenue ETFOppenheimer Government Cash Reserves Oppenheimer S&P Financials Revenue ETFOppenheimer Government Money Fund/VA Oppenheimer S&P MidCap 400 Revenue ETFOppenheimer Government Money Market Fund Oppenheimer S&P SmallCap 600 Revenue ETFOppenheimer Institutional Government Money Market Fund

Oppenheimer S&P Ultra Dividend Revenue ETF

Oppenheimer Senior Floating Rate FundOppenheimer Intermediate Term Municipal Fund Oppenheimer Senior Floating Rate Plus FundOppenheimer International Bond Fund Oppenheimer Short Term Municipal FundOppenheimer International Diversified Fund Oppenheimer Small Cap Value FundOppenheimer International Equity Fund Oppenheimer SteelPath MLP & Energy Infrastructure

FundOppenheimer International Growth Fund Oppenheimer SteelPath MLP Alpha FundOppenheimer International Growth Fund/VA Oppenheimer SteelPath MLP Alpha Plus FundOppenheimer International Revenue ETF Oppenheimer SteelPath MLP Income FundOppenheimer International Small-Mid Company Fund Oppenheimer SteelPath MLP Select 40 FundOppenheimer International Ultra Dividend Revenue ETF

Oppenheimer SteelPath Panoramic Fund

Oppenheimer Limited-Term Bond Fund Oppenheimer Total Return Bond FundOppenheimer Limited-Term Government Fund Oppenheimer Total Return Bond Fund/VAOppenheimer Macquarie Global Infrastructure Fund Oppenheimer Ultra-Short Duration FundOppenheimer Main Street All Cap Fund® Oppenheimer Value FundOppenheimer Main Street Fund®

F93186 01-2019

Supplement dated January 14, 2019 to the Summary Prospectus, Prospectus and Statement of Additional Information

This supplement amends the summary prospectus, prospectus and statement of additional information of the above referenced funds (each, a “Fund” and together, the “Funds”), supersedes the supplement dated November 2, 2018, and is in addition to any other supplement(s). You should read this supplement in conjunction with the summary prospectus, prospectus and statement of additional information and retain it for future reference.

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it has entered into an agreement whereby Invesco Ltd. (“Invesco”), a global investment management company, will acquire OppenheimerFunds, Inc. (the “Transaction”). In connection with the Transaction, on January 11, 2019, the Board of Trustees of each trust (each, a “Trust”) governing the Trust’s respective Fund(s) unanimously approved an Agreement and Plan of Reorganization (the “Agreement”), which provides for the transfer of the assets and liabilities of each Fund to a corresponding, newly formed fund (each, an “Acquiring Fund,” and collectively the “Acquiring Funds”) in the Invesco family of funds (the “Reorganization”) in exchange for shares of the corresponding Acquiring Fund of equal value to the value of the shares of the respective Fund as of the close of business on the closing date, and with respect to those Funds that are exchange-traded funds (an “ETF”), shares of corresponding Acquired Fund (and cash with respect to any fractional shares) of equal value to the value of the respective Fund as of the close of business on the closing date. Although each Acquiring Fund will be managed by either Invesco Advisers, Inc. (for those Acquiring Funds that are not ETFs) or Invesco Capital Management, LLC (for those Acquiring Funds that are ETFs), each Acquiring Fund will, as of the closing date, have the same investment objective (or in the case of the Acquiring Funds that are ETFs a substantially similar investment objective) and substantially similar principal investment strategies and risks as the corresponding Fund. After each Reorganization, Invesco Advisers, Inc. will be the investment adviser to each Acquiring Fund that is a mutual fund, and Invesco Capital Management, LLC will be the investment adviser to each Acquiring Fund that is an ETF, and each Fund will be liquidated and dissolved under applicable law and terminate its registration under the Investment Company Act of 1940, as amended. Each Reorganization is expected to be a tax-free reorganization for U.S. federal income tax purposes.

Each Reorganization is subject to the approval of shareholders of each Fund. Shareholders of record of each Fund on January 14, 2019 will be entitled to vote on the Reorganization and will receive a combined prospectus and proxy statement describing the Reorganization, the shareholder meeting, and a discussion of the factors the Trusts’ Boards of Trustees considered in approving the Agreement. The combined prospectus and proxy statement is expected to be distributed to shareholders of record on or about February 28, 2019. The anticipated date of the shareholder meeting is on or about April 12, 2019.

If shareholders approve the Agreement and certain other closing conditions are satisfied or waived, each Reorganization is expected to close during the second quarter of 2019, or as soon as practicable thereafter. This is subject to change.

Upon shareholder approval of each Reorganization, it is anticipated that each applicable Fund that is a mutual fund will close to new investors as soon as practicable following shareholder approval through the consummation of the Reorganization in order to facilitate a smooth transition of the Fund’s shareholders to the corresponding Acquiring Fund. For an investor in a non-ETF Fund who is invested in such a Fund as of the date on which the Fund closed to new investors and remain invested in the Fund may continue to make additional investments in their existing accounts and may open new accounts in their name. It is anticipated that each Fund that is an ETF will continue to trade on its listing exchange until its date of Reorganization, after which the shares of the respective Acquiring Fund will trade on the same exchange under the same ticker symbol.

January 14, 2019 PS0000.199

OFI Pictet Global Environmental Solutions FundOppenheimer Capital Appreciation FundOppenheimer Capital Appreciation Fund/VAOppenheimer Capital Income FundOppenheimer Conservative Balanced Fund/VAOppenheimer Corporate Bond FundOppenheimer Developing Markets FundOppenheimer Discovery FundOppenheimer Discovery Mid Cap Growth FundOppenheimer Discovery Mid Cap Growth Fund/VAOppenheimer Dividend Opportunity FundOppenheimer Emerging Markets Innovators FundOppenheimer Emerging Markets Local Debt FundOppenheimer Emerging Markets Revenue ETFOppenheimer Emerging Markets Ultra Dividend Revenue ETFOppenheimer Equity Income FundOppenheimer ESG Revenue ETFOppenheimer Fundamental Alternatives FundOppenheimer Global Allocation FundOppenheimer Global ESG Revenue ETFOppenheimer Global Focus FundOppenheimer Global FundOppenheimer Global Fund/VAOppenheimer Global High Yield FundOppenheimer Global Multi-Alternatives Fund/VAOppenheimer Global Multi-Asset Growth FundOppenheimer Global Multi-Asset Income FundOppenheimer Global Opportunities FundOppenheimer Global Revenue ETFOppenheimer Global Strategic Income FundOppenheimer Global Strategic Income Fund/VAOppenheimer Global Unconstrained Bond FundOppenheimer Gold & Special Minerals FundOppenheimer Government Cash ReservesOppenheimer Government Money Fund/VAOppenheimer Government Money Market FundOppenheimer Institutional Government Money Market FundOppenheimer Intermediate Term Municipal FundOppenheimer International Bond FundOppenheimer International Diversified FundOppenheimer International Equity FundOppenheimer International Growth and Income FundOppenheimer International Growth FundOppenheimer International Growth Fund/VAOppenheimer International Revenue ETFOppenheimer International Small-Mid Company FundOppenheimer International Ultra Dividend Revenue ETFOppenheimer Limited-Term Bond FundOppenheimer Limited-Term Government FundOppenheimer Macquarie Global Infrastructure FundOppenheimer Main Street All Cap Fund®

Oppenheimer Main Street Fund®

Oppenheimer Main Street Fund®/VAOppenheimer Main Street Mid Cap Fund®

Oppenheimer Main Street Small Cap Fund®

Oppenheimer Main Street Small Cap Fund®/VAOppenheimer Mid Cap Value FundOppenheimer Municipal FundOppenheimer Portfolio Series: Active Allocation FundOppenheimer Portfolio Series: Conservative Investor FundOppenheimer Portfolio Series: Equity Investor FundOppenheimer Portfolio Series: Moderate Investor FundOppenheimer Preferred Securities and Income FundOppenheimer Real Estate FundOppenheimer Rising Dividends FundOppenheimer Rochester® AMT-Free Municipal FundOppenheimer Rochester® AMT-Free New York Municipal FundOppenheimer Rochester® California Municipal FundOppenheimer Rochester® Fund MunicipalsOppenheimer Rochester® High Yield Municipal FundOppenheimer Rochester® Limited Term California Municipal FundOppenheimer Rochester® Limited Term New York Municipal FundOppenheimer Rochester® New Jersey Municipal FundOppenheimer Rochester® Pennsylvania Municipal FundOppenheimer Rochester® Short Duration High Yield Municipal FundOppenheimer Russell 1000® Dynamic Multifactor ETFOppenheimer Russell 1000® Low Volatility Factor ETFOppenheimer Russell 1000® Momentum Factor ETFOppenheimer Russell 1000® Quality Factor ETFOppenheimer Russell 1000® Size Factor ETFOppenheimer Russell 1000® Value Factor ETFOppenheimer Russell 1000® Yield Factor ETFOppenheimer Russell 2000® Dynamic Multifactor ETFOppenheimer S&P 500 Revenue ETFOppenheimer S&P Financials Revenue ETFOppenheimer S&P MidCap 400 Revenue ETFOppenheimer S&P SmallCap 600 Revenue ETFOppenheimer S&P Ultra Dividend Revenue ETFOppenheimer Senior Floating Rate FundOppenheimer Senior Floating Rate Plus FundOppenheimer Short Term Municipal FundOppenheimer Small Cap Value FundOppenheimer SteelPath MLP & Energy Infrastructure FundOppenheimer SteelPath MLP Alpha FundOppenheimer SteelPath MLP Alpha Plus FundOppenheimer SteelPath MLP Income FundOppenheimer SteelPath MLP Select 40 FundOppenheimer SteelPath Panoramic FundOppenheimer Total Return Bond FundOppenheimer Total Return Bond Fund/VAOppenheimer Ultra-Short Duration FundOppenheimer Value Fund

F92820 11-2018

2

Supplement dated November 2, 2018 to the Summary Prospectus, Prospectus and Statement of Additional Information

This supplement amends the summary prospectus, prospectus and statement of additional information of the above referenced funds (each, a “Fund” and together, the “Funds”) and is in addition to any other supplement(s). You should read this supplement in conjunction with the summary prospectus, prospectus and statement of additional information and retain it for future reference.

On October 18, 2018, Massachusetts Mutual Life Insurance Company, an indirect corporate parent of OppenheimerFunds, Inc. and its subsidiaries OFI Global Asset Management, Inc., OFI SteelPath, Inc. and OFI Advisors, LLC, announced that it has entered into an agreement whereby Invesco Ltd., a global investment management company, will acquire OppenheimerFunds, Inc. As of the date of this supplement, the transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. This is subject to change.

November 2, 2018 PX0000.073

Oppenheimer

Main Street Small Cap Fund®/VAA series of Oppenheimer Variable Account Funds

Prospectus dated April 30, 2018

Oppenheimer Main Street Small Cap Fund/VAis a mutual fund that seeks capital appreciation.The Fund uses fundamental research to investmainly in common stocks of companies that arewithin the market capitalization range of theRussell 2000® Index.

Shares of the Fund are sold only as anunderlying investment for variable life insurancepolicies, variable annuity contracts and otherinsurance company separate accounts. Aprospectus for the insurance product you haveselected accompanies this prospectus andexplains how to select shares of the Fund as aninvestment under that insurance product, andwhich share class or classes you are eligible topurchase.

This prospectus contains important informationabout the Fund’s objective, investment policies,strategies and risks. Please read thisprospectus (and your insurance productprospectus) carefully before you invest andkeep them for future reference about youraccount.

As with all mutual funds, the Securities andExchange Commission has not approved ordisapproved the Fund’s securities nor has itdetermined that this prospectus is accurateor complete. It is a criminal offense torepresent otherwise.

Share Classes:Non-Service SharesService Shares

The Fund Summary1 Investment Objective1 Fees and Expenses of the Fund1 Principal Investment Strategies2 Principal Risks3 The Fund’s Past Performance3 Investment Adviser3 Portfolio Managers3 Purchase and Sale of Fund Shares3 Taxes4 Payments to Broker-Dealers and Other Financial Intermediaries

More About The Fund5 About the Fund’s Investments

12 How the Fund is Managed

More About Your Investment14 How to Buy and Sell Shares17 Dividends, Capital Gains and Taxes17 Financial Highlights

To Summary Prospectus

Contents

https://www.oppenheimerfunds.com/doc/Main_Street_Small_Cap_Fund_VA_Summary_Prospectus.pdf

The Fund Summary

Investment Objective. The Fund seeks capital appreciation.

Fees and Expenses of the Fund. This table describes the fees and expenses that you may pay if you buy and hold orredeem shares of the Fund. The accompanying prospectus of the participating insurance company provides informationon initial or contingent deferred sales charges, exchange fees or redemption fees for that variable life insurance policy,variable annuity or other investment product. The fees and expenses of those products are not charged by the Fund andare not reflected in this table. Expenses would be higher if those fees were included.

Shareholder Fees(fees paid directly from your investment)

Non-Service Service

Maximum Sales Charge (Load) imposed on purchases (as % of offering price) None None.........................................................................................................................................................................................................................Maximum Deferred Sales Charge (Load) (as % of the lower of original offering price or redemption proceeds) None None

Annual Fund Operating Expenses1

(expenses that you pay each year as a percentage of the value of your investment)Non-Service

SharesServiceShares

Management Fees 0.68% 0.68%.........................................................................................................................................................................................................................Distribution and/or Service (12b-1) Fees None 0.25%.........................................................................................................................................................................................................................Other Expenses 0.14% 0.14%.........................................................................................................................................................................................................................Total Annual Fund Operating Expenses 0.82% 1.07%.........................................................................................................................................................................................................................

Fee Waiver and/or Expense Reimbursement2 (0.02)% (0.02)%.........................................................................................................................................................................................................................Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.80% 1.05%

1. Expenses have been restated to reflect current fees.2. After discussions with the Fund’s Board, the Manager has contractually agreed to waive fees and/or reimburse the Fund for certain

expenses in order to limit “Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement” (excluding anyapplicable dividend expense, taxes, interest and fees from borrowing, any subsidiary expenses, Acquired Fund Fees and Expenses,brokerage commissions, unusual and infrequent expenses and certain other Fund expenses) to annual rates of 0.80% for Non-Service Shares and 1.05% for Service Shares as calculated on the daily net assets of the Fund. This fee waiver and/or expensereimbursement may not be amended or withdrawn for one year from the date of this prospectus, unless approved by the Board.

Example.The following Example is intended to help you compare the cost of investing in the Fund with the cost ofinvesting in other mutual funds. Sales charges and fees for the variable life insurance policy, variable annuity or otherinvestment product offered by participating insurance companies are not charged by the Fund and are not reflected in theExample. Expenses would be higher if those fees were included. The Example assumes that you invest $10,000 in a classof shares of the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return eachyear and that the Fund’s operating expenses remain the same. Any applicable fee waivers and/or expense reimbursementsare reflected in the below examples for the period during which such fee waivers and/or expense reimbursements are ineffect. Although your actual costs may be higher or lower, based on these assumptions your expenses would be as follows,whether or not you redeemed your shares:

1 Year 3 Years 5 Years 10 Years

Non-Service Shares $ 82 $ 261 $ 455 $ 1,016.........................................................................................................................................................................................................................Service Shares $ 108 $ 340 $ 591 $ 1,311

Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turnsover” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are notreflected in the annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recentfiscal year, the Fund’s portfolio turnover rate was 42% of the average value of its portfolio.

Principal Investment Strategies. Under normal market conditions, the Fund will invest at least 80% of its net assets,including any borrowings for investment purposes, in securities of “small-cap” companies. A company’s “marketcapitalization” is the value of its outstanding common stock. The Fund considers small-cap companies to be those having amarket capitalization in the range of the Russell 2000® Index. The capitalization range of that index is subject to change atany time due to market activity or changes in the composition of the index. The range of the Russell 2000® Index generallywidens over time and it is reconstituted annually to preserve its market cap characteristics. The Fund measures acompany’s capitalization at the time the Fund buys a security and is not required to sell a security if the company’scapitalization moves outside of the Fund’s capitalization definition. Although the Fund mainly invests in U.S. companies, itcan invest in securities issued by companies or governments in any country. The Fund primarily invests in common stockbut may also invest in other types of securities that are consistent with its investment objective.

Oppenheimer Main Street Small Cap Fund/VA 1

The portfolio managers use fundamental research to select securities for the Fund’s portfolio. While the process maychange over time or vary in particular cases, in general the selection process currently uses a fundamental approach inanalyzing issuers on factors such as a company’s financial performance, competitive strength and prospects, industryposition, and business model and management strength. Industry outlook, market trends and general economicconditions may also be considered.

The Fund aims to maintain a broad diversification across all major economic sectors. The portfolio is constructed andregularly monitored based upon several analytical tools, including quantitative investment models. Quantitative models areused as part of the idea generation process to rank securities within each sector to identify potential buy and sellcandidates for further fundamental analysis.

In constructing the portfolio, the Fund seeks to limit exposure to so-called “top-down” or “macro” risks, such as overallstock market movements, economic cycles, and interest rate or currency fluctuations. Instead, the portfolio managersseek to add value by selecting individual securities with superior company-specific fundamental attributes or relativevaluations that they expect to outperform their industry and sector peers. This is commonly referred to as a “bottom-up”approach to portfolio construction.

The portfolio managers consider stock rankings, benchmark weightings and capitalization outlooks in determining securityweightings for individual issuers. The portfolio managers might sell a security if the price is approaching their price target, ifthe company’s competitive position has deteriorated or the company’s management has performed poorly, or if they haveidentified more attractive investment prospects.

Principal Risks. The price of the Fund’s shares can go up and down substantially. The value of the Fund’s investmentsmay fall due to adverse changes in the markets in which the Fund invests or because of poor investment selection, whichcould cause the Fund to underperform other funds with similar investment objectives. There is no assurance that the Fundwill achieve its investment objective. When you redeem your shares, they may be worth less than what you paid for them.These risks mean that you can lose money by investing in the Fund.

Risks of Investing in Stocks. The value of the Fund’s portfolio may be affected by changes in the stock markets. Stockmarkets may experience significant short-term volatility and may fall sharply at times. Adverse events in any part of theequity or fixed-income markets may have unexpected negative effects on other market segments. Different stock marketsmay behave differently from each other and U.S. stock markets may move in the opposite direction from one or moreforeign stock markets.

The prices of individual stocks generally do not all move in the same direction at the same time. A variety of factors cannegatively affect the price of a particular company’s stock. These factors may include, but are not limited to: poor earningsreports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector orindustry, or changes in government regulations affecting the company or its industry. To the extent that securities of aparticular type are emphasized (for example foreign stocks, stocks of small- or mid-cap companies, growth or valuestocks, or stocks of companies in a particular industry), fund share values may fluctuate more in response to eventsaffecting the market for those types of securities.

Industry and Sector Focus. At times the Fund may increase the relative emphasis of its investments in a particularindustry or sector. The prices of stocks of issuers in a particular industry or sector may go up and down in response tochanges in economic conditions, government regulations, availability of basic resources or supplies, or other events thataffect that industry or sector more than others. To the extent that the Fund increases the relative emphasis of itsinvestments in a particular industry or sector, its share values may fluctuate in response to events affecting that industry orsector. To some extent that risk may be limited by the Fund’s policy of not concentrating its investments in any one industry.

Risks of Small-Cap Companies. Small-cap companies may be either established or newer companies, including“unseasoned” companies that have typically been in operation for less than three years. While smaller companies mightoffer greater opportunities for gain than larger companies, they also involve greater risk of loss. They may be moresensitive to changes in a company’s earnings expectations and may experience more abrupt and erratic price movements.Smaller companies’ securities often trade in lower volumes and it might be harder for the Fund to dispose of its holdings atan acceptable price when it wants to sell them. Small-cap companies may not have established markets for their productsor services and may have fewer customers and product lines. They may have more limited access to financial resourcesand may not have the financial strength to sustain them through business downturns or adverse market conditions. Sincesmall-cap companies typically reinvest a high proportion of their earnings in their business, they may not pay dividends forsome time, particularly if they are newer companies. Small-cap companies may have unseasoned management or lessdepth in management skill than larger, more established companies. They may be more reliant on the efforts of particularmembers of their management team and management changes may pose a greater risk to the success of the business. Itmay take a substantial period of time before the Fund realizes a gain on an investment in a small-sized company, if itrealizes any gain at all.

Risks of Quantitative Models. The portfolio managers use quantitative models as part of the idea generation process.Quantitative models are based upon many factors that measure individual securities relative to each other. Such models,which can be adversely affected by errors or imperfections in the factors or the data on which measurements are based,any technical issues with construction or implementation of the model, or a failure to perform as expected, may not identifysecurities that perform well in the future.

Oppenheimer Main Street Small Cap Fund/VA2

-37.83%

37.20%23.41%

-2.21%

17.99%

41.01%

11.93%

-5.90%

18.05% 14.15%

-60

-40

-20

0

20

40

60%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Who Is the Fund Designed For? The Fund’s shares are available only as an investment option under certain variableannuity contracts, variable life insurance policies and other investment plans offered through insurance company separateaccounts of participating insurance companies. The Fund is designed primarily for investors seeking capital appreciation.Those investors should be willing to assume the risks of short-term share price fluctuations that are typical for a fundfocusing on long-term capital appreciation of stocks of small sized companies. The Fund is not designed for investorsneeding current income. The Fund is not a complete investment program and may not be appropriate for all investors. Youshould carefully consider your own investment goals and risk tolerance before investing in the Fund.

An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal DepositInsurance Corporation or any other government agency.

The Fund’s Past Performance. The bar chart and table below provide some indication of the risks of investing in theFund by showing changes in the Fund’s Non-Service Shares performance from calendar year to calendar year and byshowing how the Fund’s average annual returns for the periods of time shown in the table compare with those of a broadmeasure of market performance. Charges imposed by the insurance accounts that invest in the Fund are not included andthe returns would be lower if they were. The Fund’s past investment performance is not necessarily an indication of how theFund will perform in the future. More recent performance information is available by calling the toll-free number on theback of this prospectus and on the Fund’s website at:https://www.oppenheimerfunds.com/fund/MainStreetSmallCapFundVA

During the period shown, the highest return before taxes for a calendar quarter was 31.71% (2nd Qtr 09) and the lowest returnbefore taxes for a calendar quarter was -27.25% (4th Qtr 08).

The following table shows the average annual total returns before taxes for each class of the Fund’s shares.

Average Annual Total Returns for the periods ended December 31, 2017

1 Year 5 Years 10 Years

Non-Service Shares (inception 5/1/1998) 14.15% 14.89% 9.29%.........................................................................................................................................................................................................................Service Shares (inception 7/16/2001) 13.91% 14.60% 9.02%.........................................................................................................................................................................................................................Russell 2000 Index 14.65% 14.12% 8.71%(reflects no deductions for fees, expenses, or taxes)

Investment Adviser. OFI Global Asset Management, Inc. (the “Manager”) is the Fund’s investment adviser.OppenheimerFunds, Inc. (the “Sub-Adviser”) is its sub-adviser.

Portfolio Managers. Matthew P. Ziehl, CFA, Raymond Anello, CFA, Raman Vardharaj, CFA, Joy Budzinski, KristinKetner, Magnus Krantz and Adam Weiner are each a portfolio manager and Vice President of the Fund. Mr. Ziehl andMr. Vardharaj have each been a portfolio manager and Vice President of the Fund since May 2009. Mr. Anello has been aportfolio manager of the Fund since April 2011 and Vice President of the Fund since May 2011. Ms. Budzinski, Ms. Ketner,Mr. Krantz and Mr. Weiner have been portfolio managers and Vice Presidents of the Fund since April 2013. Mr. Ziehl andMr. Weiner serve as co-lead portfolio managers of the Fund.

Purchase and Sale of Fund Shares. Shares of the Fund may be purchased only by separate investment accounts ofparticipating insurance companies as an underlying investment for variable life insurance policies, variable annuitycontracts or other investment products. Individual investors cannot buy shares of the Fund directly. You may only submitinstructions for buying or selling shares of the Fund to your insurance company or its servicing agent, not directly to theFund or its Transfer Agent. The accompanying prospectus of the participating insurance company provides informationabout how to select the Fund as an investment option.

Taxes. Because shares of the Fund may be purchased only through insurance company separate accounts for variableannuity contracts, variable life insurance policies or other investment products, provided certain requirements are met, anydividends and capital gains distributions will be taxable to the participating insurance company, if at all. Special tax rulesapply to life insurance companies, variable annuity contracts and variable life insurance contracts. For information onfederal income taxation of a life insurance company with respect to its receipt of distributions from the Fund and federalincome taxation of owners of variable annuity or variable life insurance contracts, see the accompanying prospectus for theapplicable contract.


Payments to Broker-Dealers and Other Financial Intermediaries. The Fund, the Sub-Adviser, or their relatedcompanies may make payments to financial intermediaries, including to insurance companies that offer shares of the Fundas an investment option. These payments for the sale of Fund shares and related services may create a conflict of interestby influencing the intermediary and your salesperson to recommend the Fund over another investment. Ask yoursalesperson or visit your financial intermediary’s website for more information.


More About The Fund

About the Fund’s InvestmentsThe allocation of the Fund’s portfolio among different types of investments will vary over time and the Fund’s portfolio mightnot always include all of the different types of investments described below. The Statement of Additional Informationcontains additional information about the Fund’s investment policies and risks.

The Fund’s Principal Investment Strategies and Risks. The following strategies and types of investments are theones that the Fund considers to be the most important in seeking to achieve its investment objective and the following risksare those the Fund expects its portfolio to be subject to as a whole.

Common Stock. Common stock represents an ownership interest in a company. It ranks below preferred stock and debtsecurities in claims for dividends and in claims for assets of the issuer in a liquidation or bankruptcy. Common stocks maybe exchange-traded or over-the-counter securities. Over-the-counter securities may be less liquid than exchange-tradedsecurities.

The value of the Fund’s portfolio may be affected by changes in the stock markets. Stocks and other equity securitiesfluctuate in price in response to changes to equity markets in general. Stock markets may experience significantshort-term volatility and may fall sharply at times. Adverse events in any part of the equity or fixed-income markets mayhave unexpected negative effects on other market segments. Different stock markets may behave differently from eachother and U.S. stock markets may move in the opposite direction from one or more foreign stock markets.

The prices of individual stocks generally do not all move in the same direction at the same time. A variety of factors cannegatively affect the price of a particular company’s stock. These factors may include, but are not limited to: poor earningsreports, a loss of customers, litigation against the company, general unfavorable performance of the company’s sector orindustry, or changes in government regulations affecting the company or its industry. To the extent that securities of aparticular type are emphasized, (for example foreign stocks, stocks of small- or mid-sized companies, growth or valuestocks, or stocks of companies in a particular industry), their share values may fluctuate more in response to eventsaffecting the market for those types of securities.

Small-Cap Companies. Small-cap companies may be either established or newer companies, including “unseasoned”companies that have been in operation for less than three years. While smaller companies might offer greateropportunities for gain than larger companies, they also involve greater risk of loss. They may be more sensitive to changesin a company’s earnings expectations and may experience more abrupt and erratic price movements. Smaller companies’securities often trade in lower volumes and in many instances, are traded over-the-counter or on a regional securitiesexchange, where the frequency and volume of trading is substantially less than is typical for securities of larger companiestraded on national securities exchanges. Therefore, the securities of smaller companies may be subject to wider pricefluctuations and it might be harder for the Fund to dispose of its holdings at an acceptable price when it wants to sell them.Smaller companies may not have established markets for their products or services and may have fewer customers andproduct lines. They may have more limited access to financial resources and may not have the financial strength to sustainthem through business downturns or adverse market conditions. Since smaller companies typically reinvest a highproportion of their earnings in their business, they may not pay dividends for some time, particularly if they are newercompanies. Smaller companies may have unseasoned management or less depth in management skill than larger, moreestablished companies. They may be more reliant on the efforts of particular members of their management team andmanagement changes may pose a greater risk to the success of the business. Securities of small, unseasoned companiesmay be particularly volatile, especially in the short-term, and may have very limited liquidity in a declining market. It maytake a substantial period of time to realize a gain on an investment in a small-cap company, if any gain is realized at all.

The Fund measures the market capitalization of an issuer at the time of investment. Because the relative sizes ofcompanies change over time as the securities market changes, the Fund’s definition of what is a “small-cap,” “mid-cap” or“large-cap” company may change over time as well. After the Fund buys the security of an individual company, thatcompany may expand or contract and no longer fall within the designated capitalization range. Although the Fund is notrequired to sell the securities of companies whose market capitalizations have grown or decreased beyond the Fund’scapitalization-range definition, it might sell some of those holdings to try to adjust the dollar-weighted median capitalizationof its portfolio.

When the Fund invests in smaller company securities that might trade infrequently, investors might seek to trade fundshares based on their knowledge or understanding of the value of those securities (this is sometimes referred to as “pricearbitrage”). If such price arbitrage were successful, it might interfere with the efficient management of the Fund’s portfolioand the Fund may be required to sell securities at disadvantageous times or prices to satisfy the liquidity requirementscreated by that activity. Successful price arbitrage might also dilute the value of fund shares held by other shareholders.

Quantitative Models. Quantitative models are based upon many factors that measure individual securities relative to eachother. Quantitative models may be highly reliant on the gathering, cleaning, culling and analysis of large amounts of datafrom third parties and other external sources. Any errors or imperfections in the factors, or the data on which


measurements of those factors is based, could adversely affect the use of the quantitative models. The factors used inmodels may not identify securities that perform well in the future, and the securities selected may perform differently fromthe market as a whole or from their expected performance.

Other Investment Strategies and Risks. The Fund can also use the investment techniques and strategies describedbelow. The Fund might not use all of these techniques or strategies or might only use them from time to time.

Diversification and Concentration. The Fund is a diversified fund. It attempts to reduce its exposure to the risks ofindividual securities by diversifying its investments across a broad number of different issuers. The Fund will notconcentrate its investments in issuers in any one industry. At times, however, the Fund may emphasize investments in someindustries or sectors more than others. The prices of securities of issuers in a particular industry or sector may go up anddown in response to changes in economic conditions, government regulations, availability of basic resources or supplies,or other events that affect that industry or sector more than others. To the extent that the Fund increases the relativeemphasis of its investments in a particular industry or sector, its share values may fluctuate in response to events affectingthat industry or sector. The Securities and Exchange Commission has taken the position that investment of more than 25%of a fund’s total assets in issuers in the same industry constitutes concentration in that industry. That limit does not apply tosecurities issued or guaranteed by the U.S. government or its agencies and instrumentalities; however, securities issued byany one foreign government are considered to be part of a single “industry.” For purposes of compliance with itsconcentration policy, the Fund will consider portfolio investments held by underlying investment companies in which theFund invests, to the extent that the Fund has sufficient information about such portfolio investments. The Fund will makereasonable efforts to obtain such information.

Mid-Cap Companies. Mid-cap companies are generally companies that have completed their initial start-up cycle, and inmany cases have established markets and developed seasoned management teams. While mid-cap companies mightoffer greater opportunities for gain than larger companies, they also involve greater risk of loss. They may be moresensitive to changes in a company’s earnings expectations and may experience more abrupt and erratic price movementsthan larger companies. Mid-cap companies’ securities often trade in lower volumes and in many instances, are tradedover-the-counter or on a regional securities exchange, where the frequency and volume of trading is substantially less thanis typical for securities of larger companies traded on national securities exchanges. Therefore, the securities of mid-capcompanies may be subject to wider price fluctuations and may be less liquid than securities of larger exchange-tradedissuers, meaning it might be harder for the Fund to dispose of those holdings at an acceptable price when it wants to sellthem. Mid-cap companies may have less established markets for their products or services and may have fewercustomers and product lines than larger companies. They may have more limited access to financial resources and maynot have the financial strength to sustain them through business downturns or adverse market conditions. Since mid-capcompanies typically reinvest a high proportion of their earnings in their business, they may not pay dividends for some time,particularly if they are newer companies. Mid-cap companies may have unseasoned management or less depth inmanagement skill than larger, more established companies. They may be more reliant on the efforts of particular membersof their management team and management changes may pose a greater risk to the success of the business. Securities ofunseasoned companies may be particularly volatile, especially in the short term and in periods of market instability, andmay have limited liquidity in a declining market. It may take a substantial period of time to realize a gain on an investment ina mid-cap company, if any gain is realized at all.

The Fund measures the market capitalization of an issuer at the time of investment. Because the relative sizes ofcompanies change over time as the securities market changes, the Fund’s definition of what is a “mid-cap” company maychange over time as well. After the Fund buys their securities, individual companies may grow and no longer fall within theFund’s definition of a “mid-cap” issuer. Although the Fund is not required to sell the securities of companies whose marketcapitalizations have grown beyond the Fund’s mid-cap definition, it might sell some of those holdings to try to lower thedollar-weighted median capitalization of its portfolio.

When the Fund invests in smaller company securities that might trade infrequently, investors might seek to trade fundshares based on their knowledge or understanding of the value of those securities (this is sometimes referred to as “pricearbitrage”). If such price arbitrage were successful, it might interfere with the efficient management of the Fund’s portfolioand the Fund may be required to sell securities at disadvantageous times or prices to satisfy the liquidity requirementscreated by that activity. Successful price arbitrage might also dilute the value of fund shares held by other shareholders.

Special Portfolio Diversification Requirements. To enable a variable annuity or variable life insurance contract based onan insurance company separate account to qualify for favorable tax treatment under the Internal Revenue Code, theunderlying investments must follow special diversification requirements that limit the percentage of assets that can beinvested in securities of particular issuers. The Fund’s investment program is managed to meet those requirements, inaddition to other diversification requirements under the Internal Revenue Code and the Investment Company Act of 1940that apply to publicly-sold mutual funds.

Failure by the Fund to meet those special requirements could cause earnings on a contract owner’s interest in aninsurance company separate account to be taxable income. Those diversification requirements might also limit, to somedegree, the Fund’s investment decisions in a way that could reduce its performance.

Other Equity Securities. In addition to common stocks, the Fund can invest in other equity or “equity equivalents”securities such as preferred stocks, convertible securities, rights or warrants.▪ Preferred stock has a set dividend rate and ranks ahead of common stocks and behind debt securities in claims for

dividends and for assets of the issuer in a liquidation or bankruptcy. The dividends on preferred stock may be cumulative


(they remain a liability of the company until paid) or non-cumulative. The fixed dividend rate of preferred stocks maycause their prices to behave more like those of debt securities. If prevailing interest rates rise, the fixed dividend onpreferred stock may be less attractive, which may cause the price of preferred stock to decline.

▪ Warrants are options to purchase equity securities at specific prices that are valid for a specific period of time. Theirprices do not necessarily move parallel to the prices of the underlying securities, and can be more volatile than the priceof the underlying securities. If the market price of the underlying security does not exceed the exercise price during thelife of the warrant, the warrant will expire worthless and any amount paid for the warrant will be lost. The market forwarrants may be very limited and it may be difficult to sell a warrant promptly at an acceptable price. Rights are similar towarrants, but normally have a short duration and are distributed directly by the issuer to its shareholders. Rights andwarrants have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer.

▪ A convertible security can be converted into or exchanged for a set amount of common stock of an issuer within aparticular period of time at a specified price or according to a price formula. Convertible debt securities pay interest andconvertible preferred stocks pay dividends until they mature or are converted, exchanged or redeemed. Someconvertible debt securities may be considered “equity equivalents” because of the feature that makes them convertibleinto common stock. Convertible securities may offer the Fund the ability to participate in stock market movements whilealso seeking some current income. Convertible securities may provide more income than common stock but theygenerally provide less income than comparable non-convertible debt securities. Convertible securities are subject tocredit and interest rate risk, however credit ratings of convertible securities generally have less impact on the value ofthe securities than they do for non-convertible debt securities.

Other Capitalization Ranges. If the Manager believes they offer opportunities for growth, up to 20% of the Fund’s netassets may be invested in securities of mid-cap and large-cap companies.

Foreign Investing. The Fund can buy securities issued by companies or governments in any country, including indeveloping or emerging market countries. While there is no limit on the Fund’s foreign investments, the Fund does notcurrently plan to invest a significant amount of its assets in securities of foreign issuers but may do so in the future.

Risks of Foreign Investing. Securities traded in foreign markets often involve special risks not present in U.S.investments that can increase the chances the Fund will lose money. Additional information regarding certain of the risksassociated with foreign investing is provided below.▪ Foreign Market Risk. If there are fewer investors in a particular foreign market, securities traded in that market may be

less liquid and more volatile than U.S. securities and more difficult to price. Foreign markets may also be subject todelays in the settlement of transactions and difficulties in pricing securities. If the Fund is delayed in settling a purchaseor sale transaction, it may not receive any return on the invested assets or it may lose money if the value of the securitydeclines. It may also be more expensive for the Fund to buy or sell securities in certain foreign markets than in theUnited States, which may increase the Fund’s expense ratio.

▪ Foreign Economy Risk. Foreign economies may be more vulnerable to political or economic changes than the U.S.economy. They may be more concentrated in particular industries or may rely on particular resources or tradingpartners to a greater extent. Certain foreign economies may be adversely affected by shortages of investment capital orby high rates of inflation. Changes in economic or monetary policy in the U.S. or abroad may also have a greater impacton the economies of certain foreign countries.

▪ Foreign Governmental and Regulatory Risks. Foreign companies may not be subject to the same accounting anddisclosure requirements as U.S. companies. As a result there may be less accurate information available regarding aforeign company’s operations and financial condition. Foreign companies may be subject to capital controls,nationalization, or confiscatory taxes. There may be less government regulation of foreign issuers, exchanges andbrokers than in the United States. Some countries also have restrictions that limit foreign ownership and may imposepenalties for increases in the value of the Fund’s investment. The value of the Fund’s foreign investments may beaffected if it experiences difficulties in enforcing legal judgments in foreign courts.

▪ Foreign Currency Risk. A change in the value of a foreign currency against the U.S. dollar will result in a change in theU.S. dollar value of securities denominated in that foreign currency. If the U.S. dollar rises in value against a foreigncurrency, a security denominated in that currency will be worth less in U.S. dollars and if the U.S. dollar decreases invalue against a foreign currency, a security denominated in that currency will be worth more in U.S. dollars. The dollarvalue of foreign investments may also be affected by exchange controls. Foreign currency exchange transactions mayimpose additional costs on the Fund. The Fund can also invest in derivative instruments linked to foreign currencies. Thechange in value of a foreign currency against the U.S. dollar will result in a change in the U.S. dollar value of derivativeslinked to that foreign currency. The investment adviser’s selection of foreign currency denominated investments may notperform as expected. Currency derivative investments may be particularly volatile and subject to greater risks than othertypes of foreign-currency denominated investments.

▪ Foreign Custody Risk. There may be very limited regulatory oversight of certain foreign banks or securities depositoriesthat hold foreign securities and foreign currency and the laws of certain countries may limit the ability to recover suchassets if a foreign bank or depository or their agents goes bankrupt. There may also be an increased risk of loss ofportfolio securities.

▪ Time Zone Arbitrage. If the Fund invests a significant amount of its assets in foreign securities, it may be exposed to“time-zone arbitrage” attempts by investors seeking to take advantage of differences in the values of foreign securities


that might result from events that occur after the close of the foreign securities market on which a security is traded andbefore the close of the New York Stock Exchange that day, when the Fund’s net asset value is calculated. If such timezone arbitrage were successful, it might dilute the interests of other shareholders. However, the Fund’s use of “fair valuepricing” under certain circumstances, to adjust the closing market prices of foreign securities to reflect what theinvestment adviser and the Board believe to be their fair value, may help deter those activities.

▪ Globalization Risks. The growing inter-relationship of global economies and financial markets has increased the effect ofconditions in one country or region on issuers of securities in a different country or region. In particular, the adoption orprolongation of protectionist trade policies by one or more countries, changes in economic or monetary policy in theUnited States or abroad, or a slowdown in the U.S. economy, could lead to a decrease in demand for products andreduced flows of capital and income to companies in other countries.

▪ Regional Focus. At times, the Fund might increase the relative emphasis of its investments in a particular region of theworld. Securities of issuers in a region might be affected by changes in economic conditions or by changes ingovernment regulations, availability of basic resources or supplies, or other events that affect that region more thanothers. If the Fund has a greater emphasis on investments in a particular region, it may be subject to greater risks fromadverse events that occur in that region than a fund that invests in a different region or that is more geographicallydiversified. Political, social or economic disruptions in the region may adversely affect the values of the Fund’s holdings.

Risks of Developing and Emerging Markets. Investments in developing and emerging market countries are subject toall the risks associated with foreign investing, however, these risks may be magnified in developing and emerging markets.Investments in securities of issuers in developing or emerging market countries may be considered speculative. Additionalinformation regarding certain of the risks associated with investing in developing and emerging markets is provided below.

▪ Less Developed Securities Markets. Developing or emerging market countries may have less well-developed securitiesmarkets and exchanges. Consequently they have lower trading volume than the securities markets of more developedcountries and may be substantially less liquid than those of more developed countries.

▪ Transaction Settlement. Settlement procedures in developing or emerging markets may differ from those of moreestablished securities markets, and settlement delays may result in the inability to invest assets or to dispose of portfoliosecurities in a timely manner. As a result there could be subsequent declines in the value of the portfolio security, adecrease in the level of liquidity of the portfolio or, if there is a contract to sell the security, a possible liability to thepurchaser.

▪ Price Volatility. Securities prices in developing or emerging markets may be significantly more volatile than is the case inmore developed nations of the world, which may lead to greater difficulties in pricing securities.

▪ Less Developed Governments and Economies. The governments of developing or emerging market countries may bemore unstable than the governments of more developed countries. In addition, the economies of developing oremerging market countries may be more dependent on relatively few industries or investors that may be highlyvulnerable to local and global changes. Developing or emerging market countries may be subject to social, political, oreconomic instability. Further, the value of the currency of a developing or emerging market country may fluctuate morethan the currencies of countries with more mature markets.

▪ Government Restrictions. In certain developing or emerging market countries, government approval may be requiredfor the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. Othergovernment restrictions may include confiscatory taxation, expropriation or nationalization of company assets,restrictions on foreign ownership of local companies, protectionist measures, and practices such as share blocking.

▪ Privatization Programs. The governments in some developing or emerging market countries have been engaged inprograms to sell all or part of their interests in government-owned or controlled enterprises. However, in certaindeveloping or emerging market countries, the ability of foreign entities to participate in privatization programs may belimited by local law. There can be no assurance that privatization programs will be successful.

Risks of Initial Public Offerings (IPOs). The Fund has no limit on the amount of its assets that can be invested in IPOs. Bydefinition, securities issued in IPOs have not traded publicly until the time of their offerings. Special risks associated withIPOs may include, among others, the fact that there may be only a limited number of shares available for trading. Themarket for those securities may be unseasoned. The issuer may have a limited operating history. These factors maycontribute to price volatility. The limited number of shares available for trading in some IPOs may also make it more difficultfor the Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. In addition,some companies initially offering their shares publicly are involved in relatively new industries or lines of business, whichmay not be widely understood by investors. Some of the companies involved in new industries may be regarded asdevelopmental stage companies, without revenues or operating income, or the near-term prospects of them. Many IPOsare by small- or micro-cap companies that are undercapitalized.

Investments in Other Investment Companies. The Fund can also invest in the securities of other investment companies,which can include open-end funds, closed-end funds, unit investment trusts and business development companiessubject to the limits of the Investment Company Act of 1940. One reason the Fund might do so is to gain exposure tosegments of the markets represented by another fund, at times when the Fund might not be able to buy the particular typeof securities directly. As a shareholder of an investment company, the Fund would be subject to its ratable share of thatinvestment company’s expenses, including its advisory and administration expenses. The Fund does not intend to invest in


other investment companies unless it is believed that the potential benefits of the investment justify the expenses. TheFund’s investments in the securities of other investment companies are subject to the limits that apply to those types ofinvestments under the Investment Company Act of 1940.

Exchange-Traded Funds (ETFs). The Fund can invest in ETFs, which are typically open-end funds or unit investmenttrusts listed on a stock exchange and traded like stocks. The Fund might do so as a way of gaining exposure to securitiesrepresented by the ETF’s portfolio at times when the Fund may not be able to buy those securities directly, or it might do soin order to equitize cash positions. As a shareholder of an ETF, the Fund would be subject to its ratable share of that ETF’sexpenses, including its advisory and administration expenses. At the same time, the Fund would bear its own managementfees and expenses. Similar to a mutual fund, the value of an ETF can fluctuate based on the prices of the securities ownedby the ETF. Because ETFs are listed on national stock exchanges and traded like stocks listed on an exchange, shares ofETFs potentially may trade at a discount or a premium to their net asset value. An active market for the ETF may notdevelop. Additionally, market trading in the ETF may be halted under certain circumstances. Furthermore, investments inETFs are also subject to brokerage and other trading costs, which could result in greater expenses to the Fund. The Fund’sinvestments in the shares of ETFs are subject to the limits that apply to investments in investment companies under theInvestment Company Act of 1940 or any exemptive relief therefrom. The Fund does not intend to invest in ETFs unless theinvestment adviser believes that the potential benefits of the investment justify the expenses.

Master Limited Partnerships. The Fund may invest in publicly traded limited partnerships known as “master limitedpartnerships” or MLPs. MLPs issue units that are registered with the Securities and Exchange Commission and are freelytradable on a securities exchange or in the over-the-counter market. An MLP consists of one or more general partners,who conduct the business, and one or more limited partners, who contribute capital. The Fund, as a limited partner,normally would not be liable for the debts of the MLP beyond the amounts the Fund has contributed, but would not beshielded to the same extent that a shareholder of a corporation would be. In certain circumstances creditors of an MLPwould have the right to seek return of capital distributed to a limited partner. This right of an MLP’s creditors would continueafter the Fund sold its investment in the MLP.

Investments in Real Estate Securities. The Fund may invest in shares of real estate investment trusts (REITs), real estateoperating companies (REOCs) and other real estate related securities. REITs can generally be classified as Equity REITs,Mortgage REITs or Hybrid REITs.▪ Equity REITs. Equity REITs are companies that primarily invest in real property and derive income mainly from the

collection of rents. Equity REITs may also realize capital gains by investing in and selling properties that haveappreciated in value.

▪ Mortgage REITs. Mortgage REITs invest the majority of their assets in real estate mortgages and derive their incomeprimarily from interest payments.

▪ Hybrid REITs. Hybrid REITs combine the characteristics of both Equity REITs and Mortgage REITs.

Because the Fund can invest in the real estate industry, its performance may be linked to the performance of the realestate markets. Property values or revenues from real estate investments may fall due to many different factors, including:disruptions to real estate sales markets, increased vacancies or declining rents, negative economic developmentsaffecting businesses or individuals, increased real estate operating costs, lower real estate demand, oversupply,obsolescence, competition, uninsured casualty losses, condemnation losses, environmental liabilities, the failure ofborrowers to repay loans in a timely manner, changes in prevailing interest rates or rates of inflation, lack of available creditor changes in federal or state taxation policies affecting real estate. The price of a real estate company’s securities mayalso drop because of dividend reductions, lowered credit ratings, poor company management, or other factors that affectcompanies in general. Smaller REIT companies may be subject to greater risks than larger REIT companies. The Fund’sinvestments in real estate securities could cause it to perform poorly during a downturn in that industry.

Derivative Investments. The Fund may at times invest in “derivative” instruments. A derivative is an instrument whose valuedepends on (or is derived from) the value of an underlying security, asset, interest rate, index or currency. Derivatives mayallow the Fund to increase or decrease its exposure to certain markets or risks for hedging purposes or to seek investmentreturn.

Options, futures, options on futures, options on indices, and forward contracts are some of the types of derivatives thatthe Fund may use. The Fund may also use other types of derivatives that are consistent with its investment strategies or forhedging purposes.

Risks of Derivative Investments. Derivatives may be volatile and may involve significant risks. The underlying security,obligor or other instrument on which a derivative is based, or the derivative itself, may not perform as expected. For somederivatives, it is possible to lose more than the amount invested in the derivative investment. In addition, some derivativeshave the potential for unlimited loss, regardless of the size of the Fund’s initial investment. Certain derivative investmentsheld by the Fund may be illiquid, making it difficult to close out an unfavorable position. Derivative transactions may requirethe payment of premiums and may increase portfolio turnover. Derivatives are subject to credit risk, since the Fund maylose money on a derivative investment if the issuer or counterparty fails to pay the amount due. As a result of these risks,the Fund could realize little or no income or lose money from the investment, or the use of a derivative for hedging might beunsuccessful.

In addition, under financial reform legislation currently being implemented, certain over-the-counter derivatives, includingcertain interest rate swaps and certain credit default swaps, are (or soon will be) required to be executed on a regulated


market and/or cleared through a clearinghouse, which may result in increased margin requirements and costs for theFund. It is unclear how these regulatory changes will affect counterparty risk, and entering into a derivative transaction thatis cleared may entail further risks and costs, including the counterparty risk of the clearinghouse and the futurescommission merchant through which the Fund accesses the clearinghouse.

Hedging. Hedging transactions are intended to reduce the risks of securities in the Fund’s portfolio. If the Fund uses ahedging instrument at the wrong time or judges market conditions incorrectly, however, the hedge might be unsuccessfulor could reduce the Fund’s return or create a loss.

Illiquid and Restricted Securities. Investments that do not have an active trading market, or that have legal or contractuallimitations on their resale, are generally referred to as “illiquid” securities. Illiquid securities may be difficult to value or tosell promptly at an acceptable price or may require registration under applicable securities laws before they can be soldpublicly. Securities that have limitations on their resale are referred to as “restricted securities.” Certain restricted securitiesthat are eligible for resale to qualified institutional purchasers may not be regarded as illiquid.

The Fund will not invest more than 15% of its net assets in illiquid securities. The Fund’s holdings of illiquid securities aremonitored on an ongoing basis to determine whether to sell any of those securities to maintain adequate liquidity.

Conflicts of Interest. The investment activities of the Manager, the Sub-Adviser and their affiliates with respect to otherfunds and accounts they manage may present potential conflicts of interest that could, under certain circumstances,disadvantage or adversely affect the Fund and its shareholders. The Manager, the Sub-Adviser or their affiliates adviseother funds and accounts that have investment objectives and strategies that differ from, and may be contrary to, those ofthe Fund. That may result in another fund or account holding investment positions that are adverse to the Fund’sinvestment strategies or activities. Other funds or accounts advised by the Manager, the Sub-Adviser or their affiliates mayalso have conflicting interests arising from investment objectives and strategies that are similar to those of the Fund. Forexample, those funds and accounts may engage in, and compete for, the same types of investment opportunities as theFund or invest in securities of the same issuers that have different features and interests as compared to securities held bythe Fund. These features (such as seniority, guarantees and differential voting rights) may, under certain circumstances,come into conflict with or disadvantage securities held by the Fund. Because the Manager, the Sub-Adviser and theiraffiliates may carry out the investment activities of those other funds or accounts without regard to the investmentobjectives or performance of the Fund, it is possible that the value of investments held by the Fund or the Fund’sinvestment strategies may be adversely affected.

The Fund’s investment performance will usually differ from the performance of other funds or accounts that are alsoadvised by the Fund’s Manager, the Sub-Adviser or their affiliates even in cases where the investment objectives andstrategies of the relevant funds or accounts are similar. When managing multiple funds or accounts, the Fund’s Manager,the Sub-Adviser and their affiliates may make decisions with respect to investment positions held by certain funds oraccounts that may cause the Fund to experience losses during periods in which other funds or accounts achieve gains.This may include causing another fund or account to take actions with respect to an issuer’s liquidation, restructuring,default or corporate actions that may conflict with the interests of the Fund. Similar conflicts may also arise when the Fundand other funds or accounts invest in different parts of an issuer’s capital structure, such as when the Fund holds equity ordebt obligations of an issuer, and another fund or account holds more senior (or junior) debt obligations of the same issuer,or when the Fund and other funds or accounts hold securities of different issuers that have competing claims to the sameassets or sources of payment. In such circumstances, decisions regarding whether to trigger an event of default, the termsof any potential workout or restructuring of a distressed issuer, liquidating or selling an investment, corporate actions,litigation or other investment decisions may, and often do, result in conflicts of interest. The Fund may receive lower returnson its investment in an issuer as a result of actions taken with respect to the same or related issuers by other investors,including other funds or accounts managed by the Manager, the Sub-Adviser or their affiliates.

The Fund’s Manager, the Sub-Adviser or their affiliates may manage funds or accounts with different fee rates and/or feestructures, including funds or accounts that pay advisory fees based on account performance (“performance feeaccounts”). Such differences in fee arrangements may raise potential conflicts of interest by creating an incentive to favorhigher-fee accounts. For example, the Manager, the Sub-Adviser or their affiliates could potentially allocate the mostattractive investments to higher-fee accounts or performance fee accounts, or the trading of higher-fee accounts couldpotentially be favored as to timing and/or execution price.

The Manager and the Sub-Adviser have adopted policies and procedures designed to mitigate where possible potentialconflicts of interest identified by the Manager and the Sub-Adviser. However, such policies and procedures may also limitthe Fund’s investment activities and affect its performance. For example, the investment activities of such funds oraccounts may result in the Manager’s, the Sub-Adviser’s or their affiliates’ receipt of material non-public informationconcerning certain securities, which could lead to restrictions in the trading of such securities or other investment activitiesof the Fund or other funds or accounts managed by the Manager, the Sub-Adviser or their affiliates. In certain cases, theFund’s Manager, the Sub-Adviser or their affiliates may avoid certain investment opportunities or actions that wouldpotentially give rise to conflicts with other funds or accounts, which could also have the effect of limiting the Fund’sinvestment opportunities and performance. In other cases, the Fund’s Manager, the Sub-Adviser or their affiliates maychoose not to or fail to avoid investment opportunities or action that would potentially give rise to conflicts with other fundsor accounts, which could under certain circumstances disadvantage the Fund while advantaging other funds or accountsor vice versa.


The Manager, the Sub-Adviser and their affiliates may also face other potential conflicts of interest in managing the Fund,and the information above is not a complete description of every conflict that could be deemed to exist whensimultaneously managing the Fund and other funds and accounts.

The Fund offers its shares to separate accounts of different insurance companies, as an investment for their variableannuity contracts, variable life insurance policies and other investment products. While the Fund does not foresee anydisadvantages to contract owners from these arrangements, it is possible that the interests of owners of different contractsparticipating in the Fund through different separate accounts might conflict. For example, a conflict could arise because ofdifferences in tax treatment.

Investments in Money Market Instruments. The Fund can invest its free cash balances in money market instruments toprovide liquidity or for defensive purposes. Money market instruments are short-term, U.S. dollar-denominated debtinstruments issued or guaranteed by domestic and foreign corporations and financial institutions, the U.S. government, itsagencies and instrumentalities and other entities. Money market instruments include certificates of deposit, commercialpaper, repurchase agreements, treasury bills, certain asset-backed securities and other short term debt obligations thathave a final maturity, as defined under rules under the Investment Company Act of 1940, of 397 days or less. They mayhave fixed, variable or floating interest rates. Money market instruments are subject to certain risks, including the risk thatan issuer of an obligation that the Fund holds might have its credit rating downgraded or might default on its obligations, orthat interest rates might rise sharply, causing the value of the Fund’s investments to fall.

The Fund may invest in money market instruments by investing in Class E shares of Oppenheimer Institutional GovernmentMoney Market Fund. It may also invest in money market instruments directly, or in other affiliated or unaffiliated moneymarket funds. The Fund may invest in such other money market funds, such as Oppenheimer Institutional GovernmentMoney Market Fund, rather than purchasing individual short-term investments. Oppenheimer Institutional GovernmentMoney Market Fund is a registered open-end management investment company, regulated as a money market fund underthe Investment Company Act of 1940, and is part of the Oppenheimer family of funds. At the time of an investment, theFund cannot always predict what will be the yield of the Oppenheimer Institutional Government Money Market Fund, or anyother money market fund it may hold, because of the wide variety of instruments that such fund may hold in its portfolio.The return on those investments may, in some cases, be lower than the return that would have been derived from othertypes of investments that would provide liquidity. As a shareholder, the Fund will be subject to its proportional share of theexpenses of any other money market fund it may hold, including its advisory fee. However, the Manager will waive a portionof the Fund’s advisory fee to the extent of the Fund’s share of the advisory fee paid to the Manager by OppenheimerInstitutional Government Money Market Fund, or to any other similar affiliated money market fund of which the Fund is ashareholder. If the Fund invests in an unaffiliated money market fund, the Manager will not waive a portion of the Fund’sadvisory fee representing the Fund’s share of the advisory fee paid by such unaffiliated fund to any unaffiliated manager.

Temporary Defensive and Interim Investments. For temporary defensive purposes in times of adverse or unstablemarket, economic or political conditions, the Fund can invest up to 100% of its total assets in investments that may beinconsistent with the Fund’s principal investment strategies. Generally, the Fund would invest in shares of OppenheimerInstitutional Government Money Market Fund or in the types of money market instruments in which OppenheimerInstitutional Government Money Market Fund invests or in other short-term U.S. government securities. The Fund mightalso hold these types of securities as interim investments pending the investment of proceeds from the sale of Fund sharesor the sale of Fund portfolio securities or to meet anticipated redemptions of Fund shares. To the extent the Fund invests inthese securities, it might not achieve its investment objective.

Portfolio Turnover. A change in the securities held by the Fund is known as “portfolio turnover.” The Fund may engage inactive and frequent trading to try to achieve its investment objective and may have a portfolio turnover rate of over 100%annually. Increased portfolio turnover may result in higher brokerage fees, dealer mark-ups or other transaction costs,which can adversely affect performance. The Financial Highlights tables at the end of this prospectus show the Fund’sportfolio turnover rates during past fiscal years.

Changes To The Fund’s Investment Policies. The Fund’s fundamental investment policies cannot be changedwithout the approval of a majority of the Fund’s outstanding voting shares, however, the Fund’s Board can changenon-fundamental policies without a shareholder vote. Significant policy changes will be described in supplements to thisprospectus. Shareholders will receive 60 days’ advance notice of any change in the 80% investment policy described in“Principal Investment Strategies.” The Fund’s investment objective is not a fundamental policy and may be changed withoutshareholder approval. Investment restrictions that are fundamental policies are listed in the Fund’s Statement of AdditionalInformation. An investment policy or restriction is not fundamental unless this prospectus or the Statement of AdditionalInformation states that it is.

Portfolio Holdings. The Fund’s portfolio holdings are included in its semi-annual and annual reports that are distributedto its shareholders within 60 days after the close of the applicable reporting period. The Fund also discloses its portfolioholdings in its Schedule of Investments on Form N-Q, which is a public filing that is required to be made with the Securitiesand Exchange Commission within 60 days after the end of the Fund’s first and third fiscal quarters. Therefore, the Fund’sportfolio holdings are made publicly available no later than 60 days after the end of each of its fiscal quarters. In addition,the Fund’s portfolio holdings information, as of the end of each calendar month, may be posted and available on theFund’s website no sooner than 30 days after the end of each calendar month.

A description of the Fund’s policies and procedures with respect to the disclosure of its portfolio holdings is available in theFund’s Statement of Additional Information.


How the Fund is ManagedTHE MANAGER AND THE SUB-ADVISER. OFI Global Asset Management, Inc., the Manager, is a wholly-ownedsubsidiary of OppenheimerFunds, Inc. The Manager oversees the Fund’s investments and its business operations.OppenheimerFunds, Inc., the Sub-Adviser, chooses the Fund’s investments and provides related advisory services. TheManager carries out its duties, subject to the policies established by the Fund’s Board, under an investment advisoryagreement with the Fund that states the Manager’s responsibilities. The agreement sets the fees the Fund pays to theManager and describes the expenses that the Fund is responsible to pay to conduct its business. The Sub-Adviser has asub-advisory agreement with the Manager and is paid by the Manager.

The Manager has been an investment adviser since 2012. The Sub-Adviser has been an investment adviser since 1960. TheManager and the Sub-Adviser are located at 225 Liberty Street, New York, New York 10281-1008.

Advisory Fees. Under the investment advisory agreement, the Fund pays the Manager an advisory fee at an annual ratethat declines on additional assets as the Fund grows: 0.75% of the first $200 million of average annual net assets, 0.72% ofthe next $200 million, 0.69% of the next $200 million, 0.66% of the next $200 million, 0.60% of the next $200 million, 0.58%of the next $4 billion, and 0.56% of average annual net assets over $5 billion calculated on the daily net assets of the Fund.Under the sub-advisory agreement, the Manager pays the Sub-Adviser a percentage of the net investment advisory fee(after all applicable waivers) that it receives from the Fund as compensation for the provision of the investment advisoryservices. The Fund’s advisory fee for the fiscal year ended December 31, 2017 was 0.68% of average annual net assets,before any applicable waivers.

After discussions with the Fund’s Board, the Manager has also contractually agreed to waive fees and/or reimburse theFund for certain expenses in order to limit “Total Annual Fund Operating Expenses After Fee Waiver and/or ExpenseReimbursement” (excluding (i) interest, taxes, dividends tied to short sales, brokerage commissions, and otherexpenditures which are capitalized in accordance with generally accepted accounting principles; (ii) expenses incurreddirectly or indirectly by the Fund as a result of investments in other investment companies, wholly-owned subsidiaries andpooled investment vehicles; (iii) certain other expenses attributable to, and incurred as a result of, a Fund’s investments;and (iv) other unusual and infrequent expenses (including litigation expenses) not incurred in the ordinary course of theFund’s business) to annual rates of 0.80% for Non-Service Shares and 1.05% for Service Shares as calculated on the dailynet assets of the Fund. This fee waiver and/or expense reimbursement may not be amended or withdrawn for one yearfrom the date of this prospectus, unless approved by the Board.

The Manager has also agreed to waive fees and/or reimburse Fund expenses in an amount equal to the management feesincurred indirectly through the Fund’s investments in funds managed by the Manager or its affiliates. During the fiscal yearended December 31, 2017, those indirect expenses were less than 0.01% of average daily net assets and are therefore notshown in the Annual Fund Operating Expenses table earlier in this prospectus.

The Fund’s annual operating expenses may vary in future years. A discussion regarding the basis for the Board of Trustees’approval of the Fund’s investment advisory agreements is available in the Fund’s Annual Report to shareholders for thefiscal year ended December 31, 2017.

Portfolio Managers. The Fund’s portfolio is team managed by Matthew P. Ziehl, CFA, Raymond Anello, CFA, RamanVardharaj, CFA, Joy Budzinski, Kristin Ketner, Magnus Krantz and Adam Weiner, who are primarily responsible for theday-to-day management of the Fund’s portfolio since its inception. Mr. Ziehl and Mr. Weiner serve as co-lead portfoliomanagers.

Mr. Ziehl has been a Vice President and senior portfolio manager of the Sub-Adviser since May 2009. Prior to joining theSub-Adviser, Mr. Ziehl was a portfolio manager with RS Investment Management Co. LLC from October 2006 to May 2009and served as a managing director at The Guardian Life Insurance Company from December 2001 to October 2006 whenGuardian Life Insurance acquired an interest in RS Investment Management Co. LLC. Mr. Ziehl served as a portfoliomanager and team leader at Salomon Brothers Asset Management, Inc. from January 2001 to December 2001. Mr. Ziehl isa portfolio manager of other portfolios in the OppenheimerFunds complex.

Mr. Anello has been a Vice President of the Sub-Adviser since May 2009 and a portfolio manager of the Sub-Adviser sinceApril 2011. He has served as sector manager for energy and utilities for the Sub-Adviser’s Main Street Investment Teamsince May 2009. Prior to joining the Sub-Adviser, Mr. Anello was portfolio manager of the RS All Cap Dividend product fromits inception in July 2007 through April 2009 and served as a sector manager for energy and utilities for various other RSInvestments products. Mr. Anello joined Guardian Life Insurance Company in October 1999 and transitioned to RSInvestments in October 2006 in connection with Guardian Life Insurance Company’s acquisition of an interest in RSInvestments. Mr. Anello served as an equity portfolio manager/analyst and high yield analyst at Orion Capital from 1995 to1998 and an assistant portfolio manager at the Garrison Bradford portfolio management firm from 1988 to 1995. Mr. Anellois a portfolio manager of other portfolios in the OppenheimerFunds complex.

Mr. Vardharaj has been a Vice President and portfolio manager of the Sub-Adviser since May 2009. Prior to joining theSub-Adviser, Mr. Vardharaj was a senior quantitative analyst creating stock selection models, monitoring portfolio risks andanalyzing portfolio performance across the RS Core Equity Team of RS Investment Management Co. LLC from October2006 to May 2009. He served as quantitative analyst at The Guardian Life Insurance Company of America from 1998 toOctober 2006 when Guardian Life Insurance acquired an interest in RS Investment Management Co. LLC. Mr. Vardharaj isa portfolio manager of other portfolios in the OppenheimerFunds complex.


Ms. Budzinski has been a Vice President of the Sub-Adviser since May 2009 and a portfolio manager of the Sub-Advisersince November 2012. She has served as sector manager for healthcare for the Sub-Adviser’s Main Street InvestmentTeam since May 2009. Prior to joining the Sub-Adviser, Ms. Budzinski was a healthcare sector manager at RS Investmentsand Guardian Life Insurance Company. Ms. Budzinski joined Guardian Life Insurance Company in August 2006 andtransitioned to RS Investments in October 2006 in connection with Guardian Life Insurance Company’s acquisition of aninterest in RS Investments. Ms. Budzinski served as senior equity analyst at Bank of New York BNY Asset Managementfrom 2001 to 2006 and as a portfolio manager at Allianz of America from 1999 to 2001. Ms. Budzinski also served as aportfolio manager and analyst at JP Morgan Chase from 1993 to 1997 and as an analyst at Prudential Investments from1997 to 1998. Ms. Budzinski is a portfolio manager of other portfolios in the OppenheimerFunds complex.

Ms. Ketner has been a Vice President of the Sub-Adviser since June 2009 and portfolio manager of the Sub-Adviser sinceNovember 2012. She has served as sector manager for consumer discretionary and consumer staples for the Sub-Adviser’s Main Street Investment Team since May 2009. Prior to joining the Sub-Adviser, Ms. Ketner was a sector managerat RS Investments and Guardian Life Insurance Company. Ms. Ketner joined Guardian Life Insurance Company in February2006 and transitioned to RS Investments in October 2006 in connection with Guardian Life Insurance Company’sacquisition of an interest in RS Investments. Ms. Ketner served as portfolio manager at Solstice Equity Management from2002 to 2005 and as a retail analyst at Goldman Sachs from 1999 to 2001. Ms. Ketner also served as a Director of Strategyand Integration at Staples from 1997 to 1999 and as an investment banker at Merrill Lynch from 1987 to 1992 and 1995 to1997 and at Montgomery Securities from 1994 to 1995. Ms. Ketner is a portfolio manager of other portfolios in theOppenheimerFunds complex.

Mr. Krantz has been a Vice President of the Sub-Adviser since May 2009 and a portfolio manager of the Sub-Adviser sinceNovember 2012. He has served as sector manager for technology for the Sub-Adviser’s Main Street Investment Team sinceMay 2009. Prior to joining the Sub-Adviser, Mr. Krantz was a sector manager at RS Investments and Guardian LifeInsurance Company. Mr. Krantz joined Guardian Life Insurance Company in December 2005 and transitioned to RSInvestments in October 2006 in connection with Guardian Life Insurance Company’s acquisition of an interest in RSInvestments. Mr. Krantz served as a portfolio manager and analyst at Citigroup Asset Management from 1998 to 2005 andas a consultant at Price Waterhouse from 1997 to 1998. He also served as product development engineer at NewbridgeNetworks from 1993 to 1996 and as a software engineer at Mitel Corporation from 1990 to 1993. Mr. Krantz is a portfoliomanager of other portfolios in the OppenheimerFunds complex.

Mr. Weiner has been a Vice President of the Sub-Adviser since May 2009 and a portfolio manager of the Sub-Adviser sinceNovember 2012. He has served as sector manager for industrials and materials for the Sub-Adviser’s Main StreetInvestment Team since May 2009. Prior to joining the Sub-Adviser, Mr. Weiner was a sector manager at RS Investments forindustrials and materials. Prior to joining RS Investments in January 2007, Mr. Weiner was a Director and senior equityanalyst at Credit Suisse Asset Management (CSAM). Mr. Weiner served as an equity analyst at Credit Suisse First Bostonfrom 2004 to 2006 (buy-side) and 1999 to 2004 (sell-side) and Morgan Stanley from 1996 to 1999. Mr. Weiner also servedas an internal auditor at Dun and Bradstreet from 1992 to 1996 and as a budget analyst, Information Resources Division ofthe Executive Office of the President from 1990 to 1992. Mr. Weiner is a portfolio manager of other portfolios in theOppenheimerFunds complex.

The Statement of Additional Information provides additional information about portfolio manager compensation, otheraccounts managed and ownership of Fund shares.


More About Your Investment

How to Buy and Sell SharesYou may only submit instructions for buying or selling shares of the Fund to your insurance company or itsservicing agent, not directly to the Fund or its Transfer Agent. Information about your investment in the Fund can onlybe obtained from your participating insurance company or its servicing agent. The Fund’s Transfer Agent does not hold orhave access to those records.

What Classes of Shares Does the Fund Offer? The Fund currently offers two different classes of shares. Thedifferent classes of shares represent investments in the same portfolio of securities, but the classes are subject to differentexpenses and will usually have different share prices. The Service Shares are subject to a distribution and service plan. Theexpenses of that plan are described below. The Non-Service Shares are not subject to a service and distribution plan.

The Price of Fund Shares. Fund shares are sold to participating insurance companies, and are redeemed, at their netasset value per share. The net asset value that applies to a purchase order is the next one calculated after the insurancecompany (as the Fund’s designated agent to receive purchase orders) receives the order from its contract owner, in properform. Fund shares are redeemed at the next net asset value calculated after the insurance company (as the Fund’sdesignated agent to receive purchase orders) receives the order from its contract owner, in proper form. The Fund’sTransfer Agent generally must receive the purchase or redemption order from the insurance company by 9:30 a.m. EasternTime on the next regular business day.

The Fund does not impose any sales charge on purchases of its shares. If there are any charges imposed under thevariable annuity, variable life or other contract through which Fund shares are purchased, they are described in theaccompanying prospectus of the participating insurance company. The participating insurance company’s prospectus mayalso include information regarding the time you must submit your purchase and redemption orders.

The sale and redemption price for Fund shares will change from day to day because the value of the securities in itsportfolio and its expenses fluctuate. The redemption price will normally differ for different classes of shares. Theredemption price of your shares may be more or less than their original cost.

Net Asset Value. The Fund calculates the net asset value of each class of shares based on the value of the Fund’s portfoliodetermined as of 4:00 p.m., Eastern time, on each day the New York Stock Exchange (the “NYSE”) is open for trading(referred to in this prospectus as a “regular business day”) except, if there is a NYSE scheduled early closing, the Fund willcalculate its net asset value for each share class based on the value of the Fund’s portfolio determined as of the NYSEscheduled early closing time (the “Valuation Time”). The net asset value per share for each share class is determined bydividing the net assets of the class by the number of outstanding shares of that class.

The Fund’s securities generally trade on an exchange and are valued based on the official closing price of each security’sprincipal exchange, or if not available, at the last sale price or fair value, as described below.

Fair Value Pricing. If the Manager determines that a value for any of the Fund’s assets is not readily available or thevalue normally obtained for it, such as from a pricing service, is not reliable when the Fund’s NAV is to be calculated, theManager will determine a fair value for the asset in good faith, pursuant to valuation procedures for the Fund adopted bythe Board, and will incorporate that fair value in its NAV calculation. These fair value determinations are intended to reflectvalues for the Fund’s assets that the Manager and the Board believe to be more reliable. However, the Fund’s fair valuedeterminations involve subjective judgments and there can be no assurance that the Fund will receive the fair valueassigned to a security if it were to sell the security. Fair value determinations are subject to review, approval or ratificationby the Board at or prior to its next scheduled meeting after the fair valuations are determined.

The Board has delegated the day-to-day responsibility for fair value determinations to the Manager who has establisheda valuation committee to oversee those responsibilities. In determining whether a value is not readily available or reliable,the Manager (and Sub-Adviser) monitors the information it receives in the ordinary course of its investment managementresponsibilities to identify significant events that the Manager believes, in good faith, will affect the value of the investment.Those may include, but are not limited to, information or events affecting or related to specific issuers, securities, ormarkets; consideration of recent transactions in comparable securities; price movements in futures contracts, appropriatemarket indices, ADRs or exchange-traded funds; the bid/ask quotes of brokers; or other market or trading trends orinformation.

Fair Value Pricing of Foreign Securities. Many foreign markets close hours before the Fund values its foreigninvestments. As a result, significant events, including events affecting a specific issuer or security, broad marketmovements or volatility that occurs in U.S. markets after the close of foreign securities markets, may occur during that timethat could affect the values of foreign securities held by the Fund. The Fund uses fair value pricing more frequently forforeign securities to take those factors into account. Because some foreign securities trade in markets that are open onweekends and U.S. holidays, the values of some of the Fund’s foreign investments may change on days when investorscannot buy or redeem Fund shares.

How Can You Buy Fund Shares? Shares of the Fund may be purchased only by separate investment accounts ofparticipating insurance companies as an underlying investment for variable life insurance policies, variable annuity


contracts or other investment products. Individual investors cannot buy shares of the Fund directly. Please refer to theaccompanying prospectus of the participating insurance company for information on how to select the Fund as aninvestment option. That prospectus will indicate which share class you may be eligible to purchase.

Suspension of Share Offering. The offering of Fund shares may be suspended during any period in which thedetermination of net asset value is suspended, and may be suspended by the Board at any time the Board believes it is inthe Fund’s best interest to do so.

How Can You Redeem Fund Shares? Only the participating insurance companies that hold Fund shares in theirseparate accounts can place orders to redeem shares. Contract holders and policy holders should not directly contact theFund or its transfer agent to request a redemption of Fund shares. The Fund normally sends payment by Federal Funds wireto the insurance company’s account on the next business day after the Fund receives the order (and no later than sevendays after the Fund’s receipt of the order). Under unusual circumstances determined by the Securities and ExchangeCommission, payment may be delayed or suspended. Contract owners should refer to the withdrawal or surrenderinstructions in the accompanying prospectus of the participating insurance company.

Redemptions “In-Kind.” Shares may be “redeemed in-kind” under certain circumstances (such as redemptions ofsubstantial amounts of shares by shareholders that have consented to such in kind redemptions). That means that theredemption proceeds will be paid to the participating insurance companies in securities from the Fund’s portfolio. If theFund redeems shares in-kind, the insurance company accounts may bear transaction costs or the risk of not being able tosell illiquid securities, and will bear market risks until such securities are converted into cash.

Redemption or transfer requests will not be honored until the Transfer Agent receives all required documents in properform. From time to time, the Transfer Agent, in its discretion, may waive certain of the requirements for redemptions statedin this prospectus.

Frequent Purchase and Redemption LimitationsThe Board has adopted a policy to discourage and seek to limit or eliminate frequent purchases or redemptions of sharesof the Fund by shareholders or authorized broker-dealer representatives of shareholders, in order to prevent the negativeimpacts, if any, that this activity may impose on other shareholders of the Fund. Negative impacts may include, withoutlimitation, interference with portfolio management, increased taxes on portfolio securities, diminishment of Fundperformance due to the need to sell portfolio securities at less favorable prices, increases in portfolio and administrativetransaction costs resulting from large volumes of frequent purchase or redemption activity, and the possible dilution ofFund yields as a result of such activity. In addition, if the Fund invests in non-U.S. securities, it may be subject to the riskthat an investor may seek to take advantage of a delay between the change in value of the Fund’s portfolio securities andthe determination of the Fund’s net asset value as a result of different closing times of U.S. and non-U.S. markets by buyingor selling Fund shares at a price that does not reflect their true value. A similar risk exists if the Fund invests in securities ofsmall capitalization companies, securities of issuers located in emerging markets or high yield securities (junk bonds) thatare thinly traded and therefore may have actual values that differ from their market prices. This short-term arbitrage activitycan reduce the return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fairvalue pricing, as described in “Fair Value Pricing” above.

There is no guarantee that this policy, described below, will be sufficient to identify and prevent all frequent purchases orredemptions that may have negative impacts to the Fund. In addition, the implementation of the Fund’s policy involvesjudgments that are inherently subjective and involve some selectivity in their application. The Fund, however, seeks tomake judgments that are consistent with the interests of the Fund’s shareholders. No matter how the Fund defines frequentpurchases or redemptions, other purchases and sales of Fund shares may have adverse effects on the management of theFund’s portfolio and its performance. Additionally, due to the complexity and subjectivity involved in identifying certainfrequent trading and the volume of Fund shareholder transactions, there can be no guarantee that the Fund will be able toidentify violations of the policy or to reduce or eliminate all detrimental effects of frequent purchases or redemptions.

The Fund may from time to time use other methods that it believes are appropriate to deter market timing or other tradingactivity that may be detrimental to the Fund or its long-term shareholders.

The Fund does not offer an exchange privilege.

Right to Refuse Any Purchase Orders. The Fund may refuse, or cancel as permitted by law, any purchase order in itsdiscretion for any reason at any time, and is not obligated to provide notice before rejecting or canceling an order.

Right to Terminate or Suspend Account Privileges. The Fund may, in its discretion, limit or terminate trading activity byany person, group or account that it believes would be disruptive, even if the activity has not exceeded the policy describedin this prospectus. As part of the Fund’s policy to detect and deter frequent purchases and redemptions, the Fund mayreview and consider the history of frequent trading activity in all accounts in the Oppenheimer funds known to be undercommon ownership or control. The Fund may send a written warning to a shareholder that it believes may be engaging indisruptive or excessive trading activity; however, the Fund reserves the right to suspend or terminate the ability to purchaseshares, with or without warning, for any account that the Fund determines, in the exercise of its discretion, has engaged insuch trading activity.

Monitoring the Policy. The Fund does not have the ability to directly monitor trading activity in the accounts of policy orcontract owners (“contract owner accounts”) within the participating insurance companies’ accounts. Participating


insurance companies will generally enter into written agreements which require the participating insurance company toprovide underlying shareholder or account data at the Fund’s reasonable request. The Fund’s ability to monitor and deterexcessive short-term trading in insurance company accounts ultimately depends on the capability and diligence of eachparticipating insurance company, under its agreement with the Fund, in monitoring and controlling the trading activity of thepolicy or contract owners in the insurance company’s accounts. Overall purchase and redemption activity in contractowner accounts will be monitored to identify patterns that may suggest frequent trading by the underlying owners.Participating insurance companies will be permitted to apply the Fund’s policy or their own frequent trading policy if thelatter is more restrictive. In cases where a participating insurance company’s more restrictive policy is applied, the Fund willrely on the participating insurance company to monitor frequent trading activity in accordance with its policy. The Fund mayrequest individual account or transaction information, and based on the information and data it receives, will apply its policyto review transactions that may constitute frequent purchase or exchange activity. The Fund may prohibit, in its solediscretion, purchases of Fund shares by a participating insurance company or by some or all of its clients.

You should refer to the prospectus for your insurance company variable annuity contract for specific information about theinsurance company’s policies. Under certain circumstances, policy or contract owners may be required to transmitpurchase or redemption orders only by first class U.S. mail.

DISTRIBUTION AND SERVICE (12b-1) PLANSDistribution and Service Plan for Service Shares. The Fund has adopted a Distribution and Service Plan for ServiceShares to pay the Distributor for distribution related services, personal services and account maintenance for thoseshares. Under the Plan, the Fund pays the Distributor quarterly at an annual rate of up to 0.25% of the daily net assets ofthe Fund’s Service Shares. Because these fees are paid out of the Fund’s assets on an on-going basis, over time they willincrease the operating expenses of the Service Shares and may cost you more than other types of fees or sales charges.As a result, the Service Shares may have lower performance compared to the Fund’s shares that are not subject to aservice fee.

Use of Plan Fees: The Distributor currently uses all of those fees to compensate sponsor(s) of the insurance product forproviding personal services and account maintenance for variable contract owners that hold Service Shares.

Payments to Financial Intermediaries and Service Providers. The Sub-Adviser and/or the Distributor, Transfer Agentand/or Sub-Transfer Agent, at their discretion, may also make payments to broker-dealers, other financial intermediaries,including the insurance companies that offer the Fund as an investment option, or to service providers for some or all of thefollowing services: distribution, promotional and marketing support, shareholder servicing, operational andrecordkeeping, sub-accounting, networking or administrative services.

The types of financial intermediaries that may receive compensation for providing such services include, but are not limitedto, broker-dealers, financial advisors, registered investment advisers, sponsors of fund “supermarkets,” sponsors offee-based advisory or wrap fee-based programs, sponsors of college and retirement savings programs, banks, trustcompanies, retirement plan or qualified tuition program administrators, third party administrators, financial intermediariesthat offer products that hold Fund shares, and insurance companies that offer variable annuity or variable life insuranceproducts.

Payments for distribution or promotional and marketing support are made out of the Sub-Adviser’s and/or the Distributor’sown resources and/or assets, including from the revenues or profits derived from the advisory fees the Sub-Adviserreceives from the Manager for sub-advisory services on behalf of the Fund. Such payments, which may be substantial, arepaid to financial intermediaries who perform services for the Sub-Adviser, and/or the Distributor, and are in addition topayments made pursuant to an applicable 12b-1 plan. Such payments are separate from any commissions the Distributorpays to financial intermediaries out of the sales charges paid by investors.

Payments for distribution-related expenses and asset retention items, paid by the Sub-Adviser or the Distributor, such asmarketing or promotional expenses, are often referred to as “revenue sharing.” Revenue sharing payments may be madeon the basis of the sales of shares attributable to that financial intermediary, the average net assets of the Fund and otherOppenheimer funds attributable to the accounts of that financial intermediary and its clients, negotiated lump sumpayments for distribution services provided, or similar fees. In some circumstances, revenue sharing payments may createan incentive for a financial intermediary or its representatives to recommend or offer shares of the Fund or otherOppenheimer funds to its customers. These payments also may give a financial intermediary an incentive to cooperate withthe Distributor’s marketing efforts. A revenue sharing payment may, for example, qualify the Fund for preferred status withthe financial intermediary receiving the payment or provide representatives of the Distributor with access to representativesof the financial intermediary’s sales force, in some cases on a preferential basis over funds of competitors. Additionally, asfirm support, the Sub-Adviser or Distributor may reimburse expenses, including, but not limited to, educational seminarsand “due diligence” or training meetings (to the extent permitted by applicable laws or the rules of the Financial IndustryRegulatory Authority (“FINRA”)) designed to increase sales representatives’ awareness about Oppenheimer funds,including travel and lodging expenditures. However, the Sub-Adviser or Distributor does not consider a financialintermediary’s sale of shares of the Fund or other Oppenheimer funds when selecting brokers or dealers to effect portfoliotransactions for the funds.

Various factors are used to determine whether to make revenue sharing payments. Possible considerations include,without limitation, the types of services provided by the financial intermediary, sales of Fund shares, the redemption rateson accounts of clients of the financial intermediary or overall asset levels of Oppenheimer funds held for or by clients of the


financial intermediary, the willingness of the financial intermediary to allow the Distributor to provide educational andtraining support for the financial intermediary’s sales personnel relating to the Oppenheimer funds, the availability of theOppenheimer funds on the financial intermediary’s sales system, as well as the overall quality of the services provided bythe financial intermediary. The Sub-Adviser and Distributor have adopted guidelines for assessing and implementing eachprospective revenue sharing arrangement. To the extent that financial intermediaries receiving distribution-relatedpayments from the Sub-Adviser or Distributor sell more shares of the Oppenheimer funds or retain more shares of thefunds in their client accounts, the Sub-Adviser and Distributor benefit from the incremental management and other feesthey receive with respect to those assets.

Payments may be made by the Transfer Agent or Sub-Transfer Agent to financial intermediaries to compensate orreimburse them for services provided, such as sub-transfer agency services for shareholders or retirement planparticipants, omnibus accounting or sub-accounting, participation in networking arrangements, operational andrecordkeeping and other administrative services. These payments are made out of the Transfer Agent’s or Sub-TransferAgent’s own resources and/or assets, including from the revenues or profits derived from the transfer agency fees theTransfer Agent receives from the Fund. Financial intermediaries that may receive these fees for providing services mayinclude, but are not limited to, retirement plan administrators, qualified tuition program sponsors, banks and trustcompanies, broker-dealers, and insurance companies that offer variable annuity or variable life insurance products, andother financial intermediaries. These fees may be used by the financial intermediary to offset or reduce fees that wouldotherwise be paid directly to them by certain account holders, such as retirement plans.

Payments made by the Sub-Adviser, and/or the Distributor, the Transfer Agent and Sub-Transfer Agent are not reflected inthe tables in the “Fees and Expenses of the Fund” section of this prospectus because they are not paid by the Fund.

The Statement of Additional Information contains more information about revenue sharing payments made by theSub-Adviser and/or Distributor and operational and recordkeeping, networking and sub-accounting payments made bythe Transfer Agent and/or Sub-Transfer Agent. Your broker-dealer or other financial intermediary may charge you fees orcommissions in addition to those disclosed in this prospectus. You should ask your financial intermediary for detailsabout any such payments it receives from the Sub-Adviser, Distributor, Transfer Agent or Sub-Transfer Agent, orany other fees or expenses it charges.

Dividends, Capital Gains and TaxesDividends and Distributions. The Fund intends to declare and pay dividends annually from any net investment income.The Fund may also realize capital gains on the sale of portfolio securities, in which case it will make distributions of any netshort-term capital gains and it may make distributions out of any net long-term capital gains annually. The Fund may alsomake supplemental distributions of dividends and capital gains following the end of its fiscal year. The Fund has no fixeddividend rate and cannot guarantee that it will pay any dividends or capital gains distributions in a particular year.

Dividends and distributions are paid separately for each share class. Because of the higher expenses on Service Shares,the dividends paid on those shares will generally be lower than for other Fund shares.

Receiving Dividends and Distributions. Any dividends and capital gains distributions will be automatically reinvested inadditional Fund shares for the account of the participating insurance company, unless the insurance company elects tohave dividends or distributions paid in cash.

Taxes. For a discussion of the tax status of a variable annuity contract, a variable life insurance policy or other investmentproduct of a participating insurance company, please refer to the variable contract prospectus of your participatinginsurance company. Because shares of the Fund may be purchased only through insurance company separate accountsfor variable annuity contracts, variable life insurance policies or other investment products, provided certain requirementsare met, any dividends from net investment income and distributions of net realized short-term and long-term capital gainswill be taxable, if at all, to the participating insurance company.

The Fund has elected and intends to qualify each year to be taxed as a regulated investment company under the InternalRevenue Code by satisfying certain income, asset diversification and income distribution requirements, but might not soqualify. In each year that it qualifies as a regulated investment company, the Fund will not be subject to federal incometaxes on its income that it distributes to shareholders.

This information is only a summary of certain federal income tax information about your investment. You are encouraged toconsult your tax adviser about the effect of an investment in the Fund on your particular tax situation and about anychanges to the Internal Revenue Code that may occur from time to time. Additional information about the tax effects ofinvesting in the Fund is contained in the Statement of Additional Information.

Financial HighlightsThe Financial Highlights Table is presented to help you understand the Fund’s financial performance for the past five fiscalyears. Certain information reflects financial results for a single Fund share. The total returns in the table represent the ratethat an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends anddistributions). This information has been audited by KPMG LLP, the Fund’s independent registered public accounting firm.KPMG LLP’s report, along with the Fund’s financial statements, is included in the annual report, which is available uponrequest.


Financial Highlights

Non-Service Shares

Year EndedDecember 31,

2017


2016


2015


2014


2013

Per Share Operating Data

Net asset value, beginning of period $24.08 $21.32 $26.56 $27.80 $20.14

Income (loss) from investmentoperations:Net investment income1 0.07 0.16 0.12 0.26 0.16Net realized and unrealized gain (loss) 3.22 3.55 (1.28) 2.74 8.01

Total from investment operations 3.29 3.71 (1.16) 3.00 8.17

Dividends and/or distributions toshareholders:Dividends from net investment income (0.22) (0.11) (0.23) (0.25) (0.22)Distributions from net realized gain (1.36) (0.84) (3.85) (3.99) (0.29)

Total dividends and/or distributions toshareholders (1.58) (0.95) (4.08) (4.24) (0.51)

Net asset value, end of period $25.79 $24.08 $21.32 $26.56 $27.80

Total Return, at Net Asset Value2 14.15% 18.05% (5.90)% 11.93% 41.01%

Ratios/Supplemental Data

Net assets, end of period (inthousands) $152,617 $145,428 $129,104 $136,402 $134,692

Average net assets (in thousands) $150,376 $130,889 $134,932 $133,864 $113,522

Ratios to average net assets:3

Net investment income 0.28% 0.74% 0.49% 0.99% 0.67%Expenses excluding specific expenseslisted below 0.80% 0.81% 0.80% 0.80% 0.81%Interest and fees from borrowings 0.00%4 0.00%4 0.00%4 0.00% 0.00%

Total expenses5 0.80% 0.81% 0.80% 0.80% 0.81%Expenses after payments, waiversand/or reimbursements and reductionto custodian expenses 0.80%6 0.80% 0.80%6 0.79% 0.80%

Portfolio turnover rate 42% 65% 43% 65% 60%

1. Per share amounts calculated based on the average shares outstanding during the period.2. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on

the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periodsless than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion ofthese charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on funddistributions or the redemption of fund shares.

3. Annualized for periods less than one full year.4. Less than 0.005%.5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Year Ended December 31, 2017 0.80%Year Ended December 31, 2016 0.81%Year Ended December 31, 2015 0.80%Year Ended December 31, 2014 0.80%Year Ended December 31, 2013 0.81%

6. Waiver was less than 0.005%.


Service Shares


2017


2016


2015


2014


2013

Per Share Operating Data

Net asset value, beginning of period $23.75 $21.05 $26.26 $27.53 $19.96

Income (loss) from investmentoperations:Net investment income1 0.01 0.10 0.06 0.19 0.10Net realized and unrealized gain (loss) 3.18 3.49 (1.25) 2.71 7.93

Total from investment operations 3.19 3.59 (1.19) 2.90 8.03

Dividends and/or distributions toshareholders:Dividends from net investment income (0.16) (0.05) (0.17) (0.18) (0.17)Distributions from net realized gain (1.36) (0.84) (3.85) (3.99) (0.29)

Total dividends and/or distributions toshareholders (1.52) (0.89) (4.02) (4.17) (0.46)

Net asset value, end of period $25.42 $23.75 $21.05 $26.26 $27.53

Total Return, at Net Asset Value2 13.91% 17.67% (6.09)% 11.66% 40.62%

Ratios/Supplemental Data

Net assets, end of period (inthousands) $935,793 $922,037 $856,719 $968,637 $990,168

Average net assets (in thousands) $919,475 $850,883 $927,514 $957,874 $935,083

Ratios to average net assets:3

Net investment income 0.03% 0.49% 0.24% 0.75% 0.43%Expenses excluding specific expenseslisted below 1.05% 1.06% 1.05% 1.05% 1.06%Interest and fees from borrowings 0.00%4 0.00%4 0.00%4 0.00% 0.00%

Total expenses5 1.05% 1.06% 1.05% 1.05% 1.06%Expenses after payments, waiversand/or reimbursements and reductionto custodian expenses 1.05%6 1.05% 1.05%6 1.04% 1.05%

Portfolio turnover rate 42% 65% 43% 65% 60%

1. Per share amounts calculated based on the average shares outstanding during the period.2. Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on

the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Total returns are not annualized for periodsless than one full year. Total return information does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion ofthese charges would reduce the total return figures for all periods shown. Returns do not reflect the deduction of taxes that a shareholder would pay on funddistributions or the redemption of fund shares.

3. Annualized for periods less than one full year.4. Less than 0.005%.5. Total expenses including indirect expenses from affiliated fund fees and expenses were as follows:

Year Ended December 31, 2017 1.05%Year Ended December 31, 2016 1.06%Year Ended December 31, 2015 1.05%Year Ended December 31, 2014 1.05%Year Ended December 31, 2013 1.06%

6. Waiver was less than 0.005%.

Financial Highlights


Information and Services

Statement of Additional Information and Annual and Semi-Annual Reports. The Fund’s Statement ofAdditional Information and Annual and Semi-Annual Reports to shareholders provide additional information about theFund’s investments. The Annual Report includes a discussion of the market conditions and investment strategies thatsignificantly affected the Fund’s performance during its last fiscal year. The Fund’s Statement of Additional Information andaudited financial statements included in its most recent Annual Report dated December 31, 2017, including the notesthereto and report of the independent registered public accounting firm thereon, are incorporated by reference into (arelegally considered part of) this prospectus.

How to Request More InformationYou can request the above documents, the notice explaining the Fund’s privacy policy, and other information about theFund, without charge, by:

Telephone: Call OppenheimerFunds Services toll-free:1.800.988.8287

Mail: Use the following address for regular mail:OppenheimerFunds ServicesP.O. Box 5270Denver, Colorado 80217-5270

Use the following address for courier or express mail:OppenheimerFunds Services6803 S. Tucson WayCentennial, CO 80112-3924

Internet: You may request documents, and read or download certain documents atwww.oppenheimerfunds.com

Information about the Fund including the Statement of Additional Information can be reviewed and copied at the SEC’sPublic Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtainedby calling the SEC at 1.202.551.8090. Reports and other information about the Fund are available on the EDGAR databaseon the SEC’s website at www.sec.gov. Copies may be obtained after payment of a duplicating fee by electronic request atthe SEC’s e-mail address: [email protected] or by writing to the SEC’s Public Reference Section, Washington, D.C.20549-1520.

No one has been authorized to provide any information about the Fund or to make any representations about the Fundother than what is contained in this prospectus. This prospectus is not an offer to sell shares of the Fund, nor asolicitation of an offer to buy shares of the Fund, to any person in any state or other jurisdiction where it is unlawful tomake such an offer.

The Fund’s SEC File No.: 811-04108SP0297.001.0418

Documents

OFI Pictet Global Environmental Solutions Fund Oppenheimer ... · Oppenheimer Main Street Small Cap Fund/VA is a mutual fund that seeks capital appreciation. The Fund uses fundamental